Annual Report 2021 

People Behind Martech


CEO's review

"Avidly's year 2021 was characterized by very rapid organic growth, investments in business development, and a favorable operating environment. We will begin year 2022 from a good status", says Jesse Maula.

You can read the full CEO's review below.
Read the full CEO's review
Avidly's year 2021 was characterized by very rapid organic growth, investments in business development, and a favorable operating environment.

Global martech market grew in 2021 due to growth of digital and the changing behaviours and expectations of consumers. Trends behind the global martech market growth were the rise of creativity, data and insight, need for talents, increase in martech budget allocations, and smarter ways of working and tapping the potential. The favorable market environment also supported Avidly's growth, which overperformed the market. Our revenue increased organically by 20% to 30.0 million euros and adjusted operating profit more than tripled to 1.1 million euroa.

Growth was especially rapid in our international business, where gross profit grew at about twice the rate of the Finnish business. Outside Finland, demand was particularly focused on digital services that accelerate sales and marketing automation, while in Finland, demand covered all the marketing technology services we offer. The share of continuous services of gross profit increased to 47%, and new customers accounted for approximately 30% of orders received.

We invested in our common growth platform

The progress made has been driven by determined business growth and the development of customer processes as well as internal processes, systems and monitoring. In addition, the Avidly brand was renewed in March 2021 to communicate the effectiveness at the heart of our Impact driven growth strategy that was launched in December 2020.

With the changes made, Avidly's service offering and platform, processes and reputation have developed in the right direction during the year. We also succeeded in deepening and expanding our existing customer relationships and improving our customer satisfaction.

Our strategic focus remains the same

We aim to increase the long-term shareholder value by implementing our strategy. Our strategic goals for the period 2021–2025 are profitable growth, thought leadership, the best place to work and the most loyal customers. The development of our shared One Avidly growth platform will also continue in 2022.

One of the key events in 2021 – from the perspective of the next few years’ growth and service development – was the acquisition of Digital 22 Online. The acquisition expands our operations to the UK and Canada in 2022 and strengthens our position as a global leading service provider for the world's leading marketing automation system HubSpot. 

In Q4 2021, we also implemented essential changes in the organization and management of our business, such as the reorganization of our operations in Finland, Norway and Sweden, and Germany. We expect the positive effects of these changes to be reflected in our operations in the first half of 2022.

We target strong growth in the future 

The long-term outlook for our business is good. With our unique expertise we are able to help our customers to improve their marketing technology and above all, the impact it creates. 

At the time of writing this review, the market outlook for 2022 is favorable. Overall, Avidly is well-positioned to further develop its offering and continue to grow strongly in the years to come. Our goal is to keep profitability at a reasonable level in the future, but in line with our strategy, we will continue to focus on developing our service platform and expanding our operations within the martech ecosystem.

I would like to warmly thank the whole Avidly’s staff, our customers and partners for the successful year and great cooperation in 2021. 

Jesse Maula 


Download the documents

Annual Report 2021

Annual Report 2020 consists of integrated reviews of the business operations, Report of the Board of Directors and Financial Statements, and Corporate Governance.


Financial Statements document contains the Report of the Board of Directors, complete Financial Statements including the notes to the statements, and Auditor's report.


Governance document contain Avidly's Corporate Governance Statement and information on members of the Board and Management team.

Key Figures 2021

Revenue 30.0 M€ +20,0%
Gross Profit 21.6 M€ +15,8%
Continuous services approx 47% from gross profit
EBITDA 1.6 M€ -5.7%
EBITA * 0.1 M€
Adjusted operating result ** 1.1 M€
Operating result (EBIT) -0.1 M€ +6.6%
Net result -0.2 M€
Personnel on average 237
Equity ratio 48.14 %
Gearing 6.22 %

Strategy Implementation in 2021

Our strategy is based on providing impactul solutions that bring growth to our clients. Customer experience, data and technology are closely entwined into it. With our strategy we aim at profitable growth and a position as a leading European martech service provider.

Our strategic goals for the 2021–2025 strategy period are Profitable growth, Thought leadership, The best place to work and The most loyal customers. For 2021–2022 we have an additional focus area related to building One Avidly platform. Each of these goals as well as our actions to build future Avidly are discussed in brief below.

Profitable growth

Delivering on growth strategy is Avidly’s number 1 priority. During the 2021–2025 strategy period our organic growth target is +10% annually, with a higher speed of international growth than in Finland. In addition, we intend to grow through M&A too to reach our revenue target of at least 50 million euros in 2025.

Profitable growth goal implementation

The second component of our growth target is profitability. We aim to improve our EBITA yearly and reach an EBITA of at least 10% of revenue in 2025.

In our strategy work, we have identified three key opportunities to grow:

  • Market expansion, i.e. expanding into new markets where we currently do not yet operate in, 
  • Service extension, i.e. extending our service portfolio and developing new services, and 
  • Market growth, i.e. building on general martech market growth. 

Our key focus areas in driving growth are accelerating international growth, solving for the customer, investing in growth platform, people & networks, and supporting digital transformation acceleration. 

Focus area highlights in 2021:

  • Growth: 
    • Organic revenue growth was 20.0% against the target of over 10% annually.
    • Our gross profit, measuring the volume of our own operations, grew by 15.8%.
    • The Digital 22 Online acquisition announced in December 2021 did not impact 2021 figures, but paves the way for M&A-based growth in 2022.
  • Profitability:
    • Adjusted operating result, which describes the operational performance of our business, increased in 2021 to 1,074 thousand euros from 337 thousand euros in 2020 and  -2,065 thousand euros in 2019.


Thought leadership

Our ambition to be the thought leaders of our industry is closely entwined with having the best talents working for Avidly and being able to live our Tomorrowbound philosophy. For us, thought leadership is about sharing expertise and insights related to our services, our operating environment and topical themes within it to our clients. It is also about building trust within our clientele and stakeholders at large as well as strengthening brand reputation to enable our growth. 

Thought leadership goal implementation

Our foresight and insight services help our customers understand what drives the future and how they can make an impact. Our employees share their insights, best practices and examples in various blogs and webcasts that we share on our website. In 2021, two new concepts were launched to further support our thought leadership target: 

  • Tomorrowtalks is Avidly's future- and solution-oriented talk show designed to foster insight into sustainable business. The first episode was aired in November 2021.
  • Avidly Academy is an educational forum for sharing fresh insight, eye-opening ideas and practices, and concrete methods to our clients. It includes our most recent and popular webinars and marketing guides. The Avidly Academy is in soft-launch stage and will be rolled-out in full during 2022.

We measure our thought leadership development by monitoring our status in the martech industry. Recognitions received, number of inbound leads, interest toward Avidly as a partner, employer or as an investment are all important signals to us on how we are doing. 

Focus area highlights in 2021:

  • Recognitions received:
    • HubSpot Global Partner of the year status in 2021 for the third time in a row.
    • 2022 Premier Partner status in the Google Partners programme.
    • The campaign created by Avidly for its client Saka won a bronze medal in the Effie Finland competition, which measures the effectiveness of advertising. Another campaign made for our client Äänekoski Energy was also shortlisted.
    • The Sustainability Communication Research Tool, conceptually developed and implemented by Avidly for the largest corporate responsibility network in the Nordic countries FIBS was one of the finalists in the Finnish Comms Awards in the Sustainability Communication Series.
  • Increased number of both inbound leads and open job applications.
  • Service offering: foresight and insight services relaunched.
  • Launch of Tomorrowtalks and soft-launch of Avidly Academy.
  • Avidly brand renewal and own marketing actions.


The best place to work

Like any expert organisation, having the best talents working for Avidly and in our client cases is central to our success. A key element in attracting the best talents to Avidly and to keeping them in our service is our culture.

The best place to work goal implementation

Our company philosophy, Tomorrowbound thinking, is built on our values that are courage, respect and ambition. Tomorrowbound thinking is our moral compass that guides our everyday work, and inspires us to think forward to make tomorrow better for both people and companies. 

At the heart of Tomorrowbound is the idea of challenging the present – doing things differently, more wisely, more optimistically. It encourages us to embrace the explorer mindset, to recognise our colleagues and clients, and to have fun at work. It also encourages us to be ambitious, because that is a prerequisite for delivering our customer promise, i.e. impact. We have to challenge our ideas every single day, and also find better and better solutions to speed up the desired change. 

As a part of driving a positive change within Avidly, we continued in 2021 our initiatives and practices that promote continuous development, finding new ideas and insights and personal growth, such as our Competence Groups that spread the knowhow inside our company and CX Sauna, a new idea incubator. We also developed our leadership practices and introduced at the beginning of 2021 the OKR (Objectives and Key Results) based leadership model that is based on collaborative goal-setting to track individual, team and company level progress and to create alignment and encourage engagement around measurable goals. In the last quarter of the year we also implemented organisational changes with renewed leadership roles. These changes were in part based on employee feedback to better answer the needs of our employees and the company.

Building psychological safety, developing employee autonomy and shifting leadership gradually towards coaching leadership will continue to be our focus themes also in 2022. We will also continue to develop personal competencies and employee autonomy and focus on career planning. Additionally, integrating the Digital 22 Online team to Avidly will be a focus area in the first half of 2022. 

Focus area highlights in 2021:

  • eNPS 20 (19 in 2020).
  • Average number of employees 237 (228 in 2020).
  • Leadership model development and OKR model introduction.
  • Main HR framework improvements. 
    • Career paths and harmonizing role descriptions.  
    • Skills-mapping and capability analysis.
    • New onboarding and recruitment processes.
  • Competence mentor program launched.
  • Continued actions to take care of employee safety and wellbeing during the COVID-19 pandemic.
  • Different wellness initiatives in Avidly countries. In Finland, for example, employees can spend 2 hours per month  on wellness activities of their choice.
  • Introduction of internal, monthly newsletter.
  • In Finland, employees were given two extra days off during Christmas as a reward for achieving the country level targets for 2021.  


The most loyal customers

Meeting and exceeding our customers’ expectations is a prerequisite for our profitable growth. We combine creativity, technology and data to support our customers sustainable business growth. With our unique expertise we’re able to help our customers to improve their marketing technology and above all, the impact it creates.

The most loyal customers goal implementation

To better serve our customers, we focused in 2021 on developing our service offering. In spring 2021 we launched Avidly Growth Platform to our client with its two parts, TomorroWave and Opportunity Map. The TomorroWave is a tool our clients can use to analyse, develop and manage marketing and sales. It is based on analysing current customer experience and finding the key areas of development. Due to its scalability, it can be used when creating marketing strategies, campaigns or content. It also provides a framework for their measurement and data-oriented development. TomorroWave is discussed in detail here.

Avidly Opportunity Map, on the other hand, helps in seizing the growth opportunities by creating unique combinations of actions to drive growth. The Avidly Opportunity map has 3+1 layers around its center; the TomorroWave. First, there are the four opportunities a company can start building their growth on: Build winning strategies and commercialization, Create impactful customer experiences, Maximise the benefits of tech and data, and Enable market and organisational growth. The second layer consists of different capabilities that can be identified for each opportunity. And the third layer consists actions – or services from Avidly’s point of view – how we together can reach the impact we want.  Opportunity map is discussed in detail here. 

In addition to Avidly Opportunit Map development and launch, several action taken in developing One Avidly have contributed to better client experience, for example renewed sales and service processed and standardisation of Avidly services across teams and countries.

Focus area highlights in 2021:

  • Avidly measures its client satisfaction regularly. In December, the Group’s NPS was 60.
  • The share of continuous services increased to 47 % (42 %) in 2021. 
  • New clients represented approximately 30% of the orders received in 2021.

Please see some of our client cases here.

One Avidly

At the beginning of 2021 we had already defined the foundation on which we wanted to build our business. A new strategy was launched, and Avidly’s financial position had been strengthened through actions taken in 2020. One of our key focus areas in 2021 was to continue building One Avidly.

One Avidly goal implementation

The building block in developing and harmonising our internal and external processes and to deliver on our four strategic goals above include:

  • Avidly brand (recognition)
  • Marketing (leads and awareness)
  • Strategy (direction and resources)
  • Management system (strategy framework, development streams, BI, financials)
  • Financial infrastructure (planning, budgeting, financing, controller and accounting)
  • Offering (positioning, extensions and skill-gap management)
  • Sales (CRM, leads, deals, development and coordination)
  • Delivery (competence pool, partner and quality management, frameworks)
  • Rescue Rangers (project recovery, conflict solving, financing)
  • Being local but global (a true growth partner, local market knowledge)
  • HR (people, recruiting, training)
  • IT (strategy, infrastructure and maintenance)

In each area, processes, tools and responsibilities have been developed, reforced or redefined. The work around these building blocks continues in 2022. 

Focus area highlights in 2021:

  • Improved brand recognition.
  • New crystallized service offering: Avidly Growth Platform. 
  • Redesigning Group’s management team: new CTO, CXO and  COO roles.
  • Group wide quality standards built. 
  • Redesign of Avidly tech organization - one international team.
  • Avidly Finland restructuring - new leadership model from 2022 onward.
  • Avidly Sweden and Norways restructured to operate as one entity.
  • Avidly Germany restructuring - new leadership from March 2022 onward.
  • Cross-studio collaboration processes crystallized leading to increase in the number of cross-boarder projects.
  • BI & ERP roll-outs. 



The technology shift will change the way we work and the content of our work. Artificial intelligence, robotics, automation, and the power of data will make this shift fast and unpredictable. What can be automated will be automated. The value of the work will be redefined.

An ever-increasing amount of different marketing technologies will change the industry. There is a constant need to not only understand them but to also combine this technology shift with a comprehensive understanding of the customer and how to make a genuine impact.

Our key future themes

  • Holistic technology capabilities
  • Agile, adaptive & smart network based operating models

Our operating environment was further discussed in Avidly Strategy morning in January 2022.


The world is facing a dramatic change with all the ecological problems ahead. Increasing demand for purpose and impact arises from the need to change how we live our lives on our planet.

Sustainable growth and conscious capitalism are new concepts that are gaining momentum. People of this planet are demanding companies to not only focus on profit but also create strong purpose-led offerings. Also, by pretty much every measure of brand health, customers are more likely to try, stay loyal, pay more, and advocate for brands that genuinely do good and focus on sustainability: people, profit, planet. This will affect how companies see their main goals moving away from pure profit.

Our key future themes

  • Focus on impact-driven growth
  • Purpose & profit combined

Networks and interaction will have more and more influence in the future as networking and building new networks will be essential for businesses. Networks will drive development – be it between partners or within a company. Old hierarchical organizations will disappear and self-guided individuals and tribes will replace them. Also, the number of partners in the company’s network will grow and help future growth.

Our key future themes

  • Building network models

The experience economy is defined as “an economy in which many goods or services are sold by emphasizing the effect they can have on people’s lives.”* Experiences are their own category, just like “goods” and “services”. Customer experience will become the winning factor on top of branding, marketing, sales and service and thus the importance of brand experience grows.

Our key future themes

  • Winning the trust of the customer through great holistic customer experiences

IR contact

Contact investor relations


Last updated
11. March, 2022

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